Norwegian Air bondholders to vote on debt plan on Thursday

Bondholders in Norwegian Air are set to vote on Thursday on the airline's debt-to-equity plan, the first major test of the budget carrier's rescue efforts amid the coronavirus outbreak. The carrier may run out of cash by mid-May unless its plan, involving a swap of up to $1.2b worth of debt into equity and hands over most of the ownership to the firm's lessors and bondholders, is approved by creditors and shareholders. If successful, the plan would allow Norwegian to tap government guarantees of up to 2.7b crowns ($260m) which hinges on a reduction its ratio of debt to equity, on top of 300m crowns it has already received.<br/>